Korea Telecom ADR enters crucial final days

Korea Telecom enters its last few days of roadshows with the government still hopeful of pricing a deal at a premium to the stock''s underlying share price.

The final few days of trading in New York and Seoul will be critical to the fortunes of a $2.31 billion offering that is showing every sign of presenting the Korean government with the same pricing problems of virtually every privatization before it.

Having averaged a 9% premium to underlying since the beginning of this year, Korea Telecom's outstanding ADR had edged down to 5.5% at the end of last week and most market participants believe that...